Major International Business Headlines Brief::: 30 May 2024
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Major International Business Headlines Brief::: 30 May 2024
ü Nigeria: Dangote to Run Cement Trucks On CNG, Increases Dividend By 50%
ü South Africa: Eskom Demands Evaton Households Pay for Broken Transformer
ü South Africa: Eskom Demands Evaton Households Pay for Broken Transformer
ü Kenya: Proposed 25pc Excise Duty to Harshly Affect Kenyans, Chase
Investors, Stakeholders Say
ü Namibia: Shiimi Named Africa's Top Finance Minister
ü Nigeria: Tinubu's One Year - Insecurity, Hunger Still Worry Nigerians -
Fadojoe
ü Nigeria: Ban On Sachet Alcoholic Drinks Will Affect Economy - Group
ü Nigeria: Cost of Healthy Diet in Nigeria Up N1,035 in April - NBS
ü Ghana: Cedi Remains Under Pressure Despite BoG Measures and 'Threats', As
Dollar Nears Gh¢16
ü Rwanda: There Is Room for All to Benefit in Re-Designing Global Financial
Architecture - Kagame
ü Rwanda: Why Rwanda's Central Bank Lowered Benchmark Rate?
ü South Africa: Thrice-Thwarted BHP Throws in the Towel On Anglo Bid,
Capping a Month of High Drama
ü One of world's biggest botnets taken down, US says
ü Abercrombie surges as 1990s revival spreads
ü Samsung Electronics union calls first-ever strike
<https://www.cloverleaf.co.zw/> Nigeria: Dangote to Run Cement Trucks On
CNG, Increases Dividend By 50%
Amidst applause by shareholders for the impressive results in the 2023
financial year despite the harsh business operating environment, the
Chairman of Dangote Cement Plc, Aliko Dangote, yesterday announced an
increase of 50 per cent on dividend payout to the shareholders, from N20 per
share paid in the 2022 financial year to N30 for the last financial year
2023.
In the same vein, Dangote also revealed that arrangements are in top gear
for thousands of the Company's delivery trucks to henceforth run on
Compressed Natural Gas (CNG) in line with the Federal Government agenda on
adoption of alternative fuel for official vehicles.
This decision, Dangote told excited shareholders at the 15th Annual General
Meeting (AGM) of Dangote Cement Plc, held in Lagos was to add to the Federal
Government's quest towards reducing dependence on fossil fuel, thereby
enhancing the nation's energy independence and contributing to a more secure
energy future.
According to him: "We are now going to start using CNG vehicles, especially
with the new policy of the Federal Government, launched by the Renewed Hope
Agenda by His Excellency, President Bola Tinubu. By the end of next year,
all our trucks that are operating in the company will be running on CNG, and
that is a whole lot of money that we are going to invest. But we are equal
to the task, and we will continue to push and make sure that we continue to
make our shareholders happy."
The Chairman disclosed to the shareholders the Company's ongoing efforts at
ramping up production with the ongoing construction of a new plant of 6
million metric tonnes per annum at Itori, in Ewekoro local government area
of Ogun State, noting that despite the hiccups at the Apapa Port in Lagos,
the plant would be completed to time.
Dangote said the company's impressive performance was in fulfillment of the
promise he made of an enhanced Return on Investments (RoI) to the
shareholders and other stakeholders in Dangote Cement, assuring them that
the following year would even be better.
He expressed satisfaction that Dangote Cement achieved double-digit growth
in revenue of N2,208.1 billion, while Group EBITDA (Earnings before
Interest, Taxes, Depreciation and Amortisation) reached a record high of
N886.1 billion, increasing by 25.1per cent.
"This outstanding EBITDA performance was underpinned by our robust cost
control measures and our diverse pan-Africa operations. The latter acted as
a cushion, providing resilience to country-specific risks, while the former
enhanced our overall profitability. Our pan-Africa operations now contribute
41.2% to the Group's overall volumes," he added.
Dangote pointed out," We made significant strides in our expansion
initiatives, with the successful launch of operations at our 0.45Mta
grinding plant in Ghana, increasing our total installed capacity to 52.0Mta.
Furthermore, our 1.5Mta grinding plant in Côte d'Ivoire is making
substantial progress and is nearing completion. Lastly, we have commenced
construction on our 6Mta Itori plant in Ogun State, a crucial step in
supporting our ambitious export goals."
The 2023 results showed that Africa's largest cement manufacturer recorded
improvement in all performance measurement indicators with group revenue
rising by 36.4 per cent to 2,208.1 billion while Profit after tax (PAT) was
up by 19.2 per cent to N455.6 billion. Earnings per share went up by 18.8
per cent at N26.47. Dangote Cement is garnering more market share across the
continent with pan-Africa volumes going up by 12.7 per cent to 11.3Mt.
In his interview with the media during the AGM, the Group Managing Director
of Dangote Cement Plc, Arvind Pathak said 2023 was yet another testament to
the effectiveness of the management's diversification strategy, despite the
challenging macroeconomic conditions.
He said; "Our diverse operations acted as a cushion, providing resilience to
country-specific risks. Pan-African volumes were up 12.7 per cent and now
account for 41.2 per cent of Group volume. Consequently, pan-African revenue
increased by a record 123.2 per cent to N925.9 billion, while EBITDA surged
by over four-fold to N263.7 billion."
Alluding to what Dangote said on use of CNG as an alternative fuel for its
cement trucks, Pathak noted that in response to the heightened inflationary
environment, "we implemented new and innovative business strategies that
helped to drive up revenues, contain costs, and protect margins. These
initiatives included fuel mix optimisation, propelling the use of
alternative fuels to replace more expensive fossil fuels. We also began the
phased transition from diesel power trucks to full Compressed Natural Gas
(CNG) trucks."
Shareholders one after another were full of praise for the board and
management of the Company for the impressive outing in 2023, which accounted
for the dividend payout of N30 per share; an increase of 50 per cent over
the 2022 dividend despite the economic headwind that characterised 2023.
Chairperson of the Pragmatic Shareholders Association, Mrs. Bisi Bakare
lauded the management of Dangote Cement for what she described as a huge
dividend payout even when many other companies could not pay their
shareholders a dime because they declared losses.
She stated that the shareholders were happy, and expressed optimism that
with the way the management has steered the Company in the face of the
current economic downturn and recorded good results, the 2024 dividend will
be higher.
In his comment, the President, of the Association for the Advancement of
Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said the
shareholders could not but thank the board and management of Dangote Cement
for a job well done. He noted that no company, in recent time, has been able
to be as profitable as Dangote Cement, just because of the sound judgment of
the management in navigating the murky economic weather which has had
negative impact on results of some other companies.
He commended Dangote for his patriotism and dedication to the cause of
Nigeria and her people with his decision to reduce prices of his petroleum
products. He expressed hope that the price of Premium Motor Spirit popularly
called petrol would come down once the Dangote Refinery rolls out the
product soon.
- This Day.
South Africa: Eskom Demands Evaton Households Pay for Broken Transformer
Residents have to each pay R6,000 over six months, otherwise they won't be
reconnected, says the power utility
Some households in Evaton under the Emfuleni Local Municipality are being
forced to pay to have power restored after the transformers supplying their
areas stopped working.
Eskom told residents that they have to each pay R6,000 over six months to
have their transformer replaced and switched on again.
One of the transformers, supplying about 118 houses, blew and stopped
working in October 2021. And another was hit by lightning in March this
year.
Eskom says that areas in Evaton have high illegal connection rates, meter
bypasses, and unauthorised operation on the network. This overloads
transformers.
It's been almost three years since some households in Evaton, just outside
of Johannesburg, have had electricity. They claim they have been neglected
by the embattled Emfuleni Local Municipality.
Premier Panyaza Lesufi is expected to oversee the switching on of
transformers in Evaton and Sebokeng on Tuesday, as part of the Transformer
Replacement programme to electrify communities that have been in the dark
for extended periods. A community leader told GroundUp by midday on Tuesday
that their power was still off in Evaton West.
This follows an announcement by Eskom that residents would have to
contribute R500 monthly or up to R6,000 in total to have two transformers
supplying their area repaired and switched on again.
According to residents, one of the transformers, supplying about 118 houses,
blew and stopped working in October 2021.
Mareka Motholo said, "We don't know what kind of transformer they will
install because if they bring the small one like the one we had, we will
still have blackouts."
He said, "Last year, we started collecting R500 from all homes connected to
the transformer. It was paid to the account number given to us by Eskom this
year, but up to this day, we don't know why Eskom has not yet fixed the
transformer."
Motholo said the power utility insisted that everyone pay regardless of
their income thresholds. "Majority of the people around here don't work, but
we had to pay that money."
Maggie Maboya runs the Katlego University of Early Childhood Development
(ECD) which accommodates about 200 young children. She said the lack of
electricity has impacted the day-to-day running of the creche.
"We struggle to heat water, so we leave containers out in the sun on warm
days, but we mostly use firewood. When we cook, we have to use gas but it's
costly," she said. "Our classrooms are fitted with air-conditioners, but we
can't use them. Summer is the worst nightmare because it gets very hot in
the classrooms for our young ones."
Maboya said using candles to light the rooms isn't safe, particularly when
working with young children.
The issue in this area is that the community has grown, and the transformer
was overburdened by illegal connections and some people were believed to
have tampered with their electricity boxes.
Meanwhile a few metres away, nearly 70 houses have been without electricity
since 21 March when their transformer was hit by lightning. Residents here
say they were also told by Eskom that they need to pay a reconnection fee
before the transformer can be fixed.
Eskom responds
Gauteng Eskom spokesperson Amanda Qithi confirmed that Evaton West is on its
list of communities in need of new transformers.
"Eskom is experiencing a very high number of incidents of illegal
connections, meter bypassing and tampering, unauthorised operations on the
network, infrastructure vandalism and theft, as well as the non-payment and
non-purchasing of electricity tokens, which is constantly on the rise. Over
the years we repeatedly replaced and repaired failed equipment without
holding customers accountable."
"When the failure is due to illegal electricity activities, we have
implemented stringent control measures as it is financially unsustainable
for Eskom to continuously replace these, especially without any return on
investment," said Qithi.
She said that to date Eskom has replaced 137 transformers in the Vaal area,
including Sebokeng, Orange Farm and Driezik and Stretford that fall under
Orange Farm. "The replacement process is not only implemented in Vaal, but
in all Eskom areas of supply in Gauteng," she said.
"As part of the process, 60% of the disconnected customers have to pay
R6,052. Customers that cannot settle this amount in full are encouraged to
enter into a Deferred Payment Arrangement (DPA) and make an initial minimum
payment of R500. The balance can be paid over a period of six months. Once
the threshold of 60% of the payment is reached, Eskom will start the process
of restoring the power supply. Depending on the availability of all
material, the repair work would then be undertaken, during which
transformers would be replaced, damaged meters changed, and cables replaced.
"Customers who do not pay the reconnection fee in full or enter into the DPA
wherein they pay the initial R500, will remain disconnected when the failed
equipment has been replaced or repaired," she said.
Qithi added that the power utility loses millions of rands to illegal
connections, tampering and vandalism.
- GroundUp.
South Africa: Eskom Demands Evaton Households Pay for Broken Transformer
Residents have to each pay R6,000 over six months, otherwise they won't be
reconnected, says the power utility
Some households in Evaton under the Emfuleni Local Municipality are being
forced to pay to have power restored after the transformers supplying their
areas stopped working.
Eskom told residents that they have to each pay R6,000 over six months to
have their transformer replaced and switched on again.
One of the transformers, supplying about 118 houses, blew and stopped
working in October 2021. And another was hit by lightning in March this
year.
Eskom says that areas in Evaton have high illegal connection rates, meter
bypasses, and unauthorised operation on the network. This overloads
transformers.
It's been almost three years since some households in Evaton, just outside
of Johannesburg, have had electricity. They claim they have been neglected
by the embattled Emfuleni Local Municipality.
Premier Panyaza Lesufi is expected to oversee the switching on of
transformers in Evaton and Sebokeng on Tuesday, as part of the Transformer
Replacement programme to electrify communities that have been in the dark
for extended periods. A community leader told GroundUp by midday on Tuesday
that their power was still off in Evaton West.
This follows an announcement by Eskom that residents would have to
contribute R500 monthly or up to R6,000 in total to have two transformers
supplying their area repaired and switched on again.
According to residents, one of the transformers, supplying about 118 houses,
blew and stopped working in October 2021.
Mareka Motholo said, "We don't know what kind of transformer they will
install because if they bring the small one like the one we had, we will
still have blackouts."
He said, "Last year, we started collecting R500 from all homes connected to
the transformer. It was paid to the account number given to us by Eskom this
year, but up to this day, we don't know why Eskom has not yet fixed the
transformer."
Motholo said the power utility insisted that everyone pay regardless of
their income thresholds. "Majority of the people around here don't work, but
we had to pay that money."
Maggie Maboya runs the Katlego University of Early Childhood Development
(ECD) which accommodates about 200 young children. She said the lack of
electricity has impacted the day-to-day running of the creche.
"We struggle to heat water, so we leave containers out in the sun on warm
days, but we mostly use firewood. When we cook, we have to use gas but it's
costly," she said. "Our classrooms are fitted with air-conditioners, but we
can't use them. Summer is the worst nightmare because it gets very hot in
the classrooms for our young ones."
Maboya said using candles to light the rooms isn't safe, particularly when
working with young children.
The issue in this area is that the community has grown, and the transformer
was overburdened by illegal connections and some people were believed to
have tampered with their electricity boxes.
Meanwhile a few metres away, nearly 70 houses have been without electricity
since 21 March when their transformer was hit by lightning. Residents here
say they were also told by Eskom that they need to pay a reconnection fee
before the transformer can be fixed.
Eskom responds
Gauteng Eskom spokesperson Amanda Qithi confirmed that Evaton West is on its
list of communities in need of new transformers.
"Eskom is experiencing a very high number of incidents of illegal
connections, meter bypassing and tampering, unauthorised operations on the
network, infrastructure vandalism and theft, as well as the non-payment and
non-purchasing of electricity tokens, which is constantly on the rise. Over
the years we repeatedly replaced and repaired failed equipment without
holding customers accountable."
"When the failure is due to illegal electricity activities, we have
implemented stringent control measures as it is financially unsustainable
for Eskom to continuously replace these, especially without any return on
investment," said Qithi.
She said that to date Eskom has replaced 137 transformers in the Vaal area,
including Sebokeng, Orange Farm and Driezik and Stretford that fall under
Orange Farm. "The replacement process is not only implemented in Vaal, but
in all Eskom areas of supply in Gauteng," she said.
"As part of the process, 60% of the disconnected customers have to pay
R6,052. Customers that cannot settle this amount in full are encouraged to
enter into a Deferred Payment Arrangement (DPA) and make an initial minimum
payment of R500. The balance can be paid over a period of six months. Once
the threshold of 60% of the payment is reached, Eskom will start the process
of restoring the power supply. Depending on the availability of all
material, the repair work would then be undertaken, during which
transformers would be replaced, damaged meters changed, and cables replaced.
"Customers who do not pay the reconnection fee in full or enter into the DPA
wherein they pay the initial R500, will remain disconnected when the failed
equipment has been replaced or repaired," she said.
Qithi added that the power utility loses millions of rands to illegal
connections, tampering and vandalism.
- GroundUp.
Kenya: Proposed 25pc Excise Duty to Harshly Affect Kenyans, Chase Investors,
Stakeholders Say
Nairobi — Kenyans are set to brace for harsh economic times following
proposals in the finance bill 2024/2025 to increase taxes in the Edible Oil
Subsector which will propel an increase in the prices of the commodity.
Edible Oil Manufacturers Chairman Hayel Saeed told Members of Parliament
that the proposed taxes will increase the cost of living for Kenyans by
increasing prices for basic commodities which include cooking oil, soap,
bread and baked commodities.
"With the increase of daily consumables such as bread and chapatis, a family
of four people will struggle to have a full meal a day. Some families will
be forced to eat one meal every two days," Saeed told the National Assembly
Trade Committee.
To avert the situation, the Edible Oil Manufacturers are pushing MPs to
repeal the proposed 25 percent excise duties on Edible Oils and Margarines
arguing that consumers are already constrained by increase taxes such as
housing levy.
The proposed excise duty will raise the prices of cooking oil from Sh 202
per litre to Sh 337 per litre while cooking fat will increase from Sh 107 to
Sh 162 which will negatively impact low- and middle-income households.
Bidco Manufacturers Limited Chairperson Vimal Shah argued that 25 percent
excise duty whose intention is to curtail importation of palm oil in a bid
to promote local production of sunflower oil will adversely affect local
manufacturers.
The proposed excise duty is set to apply to both raw materials and refined
cooking oils, threatening to significantly increase the price of cooking
oil, a staple commodity in every household.
"The bad news about this will apply on our local grown sunflower oil so even
us will stop focusing on buying local and focus on exporting the sunflower
oil. Why are we destroying our local manufacturing?" he posed.
Shah insisted that the proposed excise duty ought to be struck out saying
local manufacturers will crush if the proposals is passed by MPs.
"We can't be talking about improving value addition locally by promoting
agriculture and manufacturing yet in this one stroke we are destroying
that," he stated.
They have opposed the implementation of the 2 percent levy on the Nut and
Oil Crops Directive saying it will have a net saving of Sh 50 on the 20
litres oil jerrican.
"Remove the 2 percent levy on the on the Nut and Oil Crops Directive on all
crude oils to promote local processing. We are now disadvantaged and less
effiecent on all product that use edible oils as input," Saeed said.
The Edible Oil Manufacturers lamented that the country has become
unfavorable for investment compared with neighboring countries like Egypt,
Uganda and Tanzania.
Kapa Oil Chief Executive Officer (CEO) Nitin Shah lamented that following
the erratic increase of taxes every financial year it has made the market
unfavorable for investors.
"Investors look for profits after investing from four to five years. If you
keep changing your policy every year then no investors will come here to
invest. If you want investors the policies must be constituent," Shah noted.
The stakeholders opposed the introduction of eco-levy at Sh 150 per Kilogram
saying its counter effective saying no mechanism have been laid out to
signify the efforts of environment conservation through recycling.
Rajan Malde expressed the levy will be passed to the consumers since the
alternatives in packaging oil which include glass are expensive and not
sustainable.
"We are not against environmental conservation infact we are part of a wider
scheme under the Ministry of Environment so that they can recycle plastic
waste but these will not support the industry," Malde stated.
- Capital FM.
Namibia: Shiimi Named Africa's Top Finance Minister
FINANCE minister Iipumbu Shiimi has been named the minister of finance of
the year at the African Banker Awards 2024 on Tuesday evening.
Shiimi was recognised for his leadership and contributions to Namibia's
economic growth and financial stability.
The award also serves as a testament to Shiimi's visionary approach to
steering Namibia's financial sector through challenging times.
"Minister Shiimi's efforts have not only improved domestic economic
resilience but also set a commendable example for financial management
across the continent. The African Banker Awards celebrate his achievements
and his unwavering commitment to advancing Namibia's financial and economic
landscape," the committee of the African Banker Awards said.
Shiimi says the award is a reflection of the collective efforts of his staff
and motivates them to continue striving for excellence in public service.
- Namibian.
Nigeria: Tinubu's One Year - Insecurity, Hunger Still Worry Nigerians -
Fadojoe
The leader of Rescue Movement for New Nigeria, the Rescue The Vulnerable
Initiative, Faduri Oluwadare Joseph Fadojoe, has called on President Bola
Ahmed Tinubu to check his policies because the way things are going coupled
with the ailing economy of the nation, the Nigerian people are not happy.
"People are dying on the street, Nigerians can no longer afford three square
meals a day: not even two square meals," he alleged.
This was contained in a statement he issued on the one year anniversary of
the Tinubu government, saying "the fact still remains that on the overall
scorecard, this administration will be placed below 50%."
According to him, "we are using this opportunity to call the attention of
Mr. President to the fact that there is still a lot to do. We are Nigerians
home and abroad, and we want our country to succeed. So we are appealing to
Mr President to give it what it takes to make our country succeed. "
"Bring in experts that know what they are doing. Let's put policies on the
table before we roll it out to Nigerians. So that at the end of the day, a
good policy will not come out as a policy that will hit hard on Nigerians as
the result of wrong implementation. Rather it should ease the trauma that
people are going through."
"The issue of insecurity must be effectively tackled. Quality and affordable
education should be a major focus that this government needs to look into.
Power (electricity) must be handled as the tariff keep going up, yet power
supply keep coming down. A nation that will succeed must work to fix the
electricity. Because once power is fixed in this country, then the problems
have been cut in half."
"I want to assert that we will continue to be an opposition: a formidable,
positive and constructive opposition to this administration, but not a
destructive one; because our desire is to ensure our country work and we
have a nation we can all be proud of."
"We will still celebrate our democracy. There is no perfect democracy
anywhere in the world. We cannot get it right in one day. But some days, we
will get it right. When some of us pick up a generational mantle of
leadership and take over from our fathers. The fathers have done enough."
He recalled that one year ago when Tinubu was sworn in as the president of
the Federal Republic of Nigeria,"the first mistake was the announcement of
subsidy removal without plan on ground to cushion the effects."
"The second misstep was the unification of Naira without prior plan, which
up till today our currency has never find it's foot in the world currency
market. Mr President announced students loan which up till now we are not
sure it has been implemented."
He decried avoidable wasteful expenditure when large number of people
running to hundred, were taken abroad for meetings that only ten or twenty
people could have attended.
He said insecurity was ravaging the country, with so much kidnapping from
the north to the south to the east to the west of Nigeria. While many
companies have left the shores of Nigeria because of bad economic policies,
insecurity and epileptic power supply.
"No longer hope of a bright future for Nigerian children.Many households are
sending their children abroad: to UK to USA to study, but not in
Nigeria.Employment for the youths is a major challenge and those who want to
create job cannot find favourable environment for businesses to thrive."
"One year after President Tinubu took over the mantle of leadership, where
are we as a nation? Many youths are fleeing the country the "Japa" syndrome,
just because of the hardship in our dear country.Our roads in the west,
north, south and east of this country are still as bad as anything and are
more of death trap. Little will one wonder that there are so many accidents
with many people dying almost on daily basis."
"Till now government workers in Nigeria have not received pay rise despite
that many of them cannot take home living wage.instead of this
administration to take critical look at policies before formulating them,
they just roll out policies and allow market forces to control them."
He expressed dismay over the monumental corruption issues that were
unaddressed properly, pointing out that there is no country that can succeed
anywhere in the world where there is no adherence to the rule of law and
where corruption is allowed.
"One year after Mr President was sworn in, none of our refineries is
working, despite the promise last year that Port Harcourt refinery was going
to kick off before the end of the year. The year has ended and another year
is going half way, none of our refineries is working."
"It doesn't mean that there is nothing to give kudos to this administration
for. It's kudos for releasing, Omoyele Sowore. And I am seizing this
opportunity to call on the government to also release Nnamdi Kanu, the
leader of IPOB. Because there is no point holding Mazi Nnamdi Kanu in
custody."
"We must also commend the fact that democracy is stable in our nation. For
stabilizing democracy, this administration should also be commended," he
said.
- Vanguard.
Nigeria: Ban On Sachet Alcoholic Drinks Will Affect Economy - Group
A group, the Concerned Citizens of Nigeria (CONCON), has stated that the
continued ban on sachet alcoholic drinks in Nigeria will affect the nation's
economy.
Speaking at a press briefing in Abuja on Wednesday, the President of CONCON,
Peter Harry said if the continued ban is not lifted, it will render a lot of
people jobless and create harsh economic situations.
He also said the refusal of the National Agency for Food and Drug
Administration Control (NAFDAC), to rescind the ban is going against the
resolution of the House.
"The refusal of the National Agency for Food and Drug Administration and
Control (NAFDAC) to comply with the resolution passed by the House of
Representatives on March 21, 2024, directing that the ban on packaging of
alcohol in sachets and pet bottles of less than 200mls be lifted, is a clear
case of wanton system abuse.
"The House resolution, referenced, NASS/CNA/35/VOL.4/100, and dated, March
21, 2024, was in consideration of a report by the House Committee on Food
and Drugs Administration and Control (FADAC), the committee that oversights
the agency, that the ban be suspended because of "wrong timing and unstable
state of the economy where unemployment rate is staggering and the inflation
rate is soaring, while the poverty is on the increase with paucity of Forex
to do business," Harry noted.
Recall that NAFDAC had placed ban on production of sachet alcoholic drinks
as part of measures to safeguard the health of Nigerians.
The agency's Deputy Director of Public Affairs, Christy Obiazikwor had
explained that NAFDAC signed an agreement with distillers and blenders,
where a five-year grace was given for them to exhaust what they (distillers)
had in stock.
She said, "Is five years not enough? We didn't ban alcohol; we only banned
it in small sachets and pet bottles. Sachet alcohol contains as much as 30
per cent of alcohol while beer contains just 4-8 per cent. The alcohol
content is so much, and we can't leave it because Okada riders abuse it and
children easily access it.
"We are trying to safeguard the health of our nation; children and innocent
Nigerians that will ride on Okada and even other users of the road that may
become victims of this menace."
- Leadership.
Nigeria: Cost of Healthy Diet in Nigeria Up N1,035 in April - NBS
The NBS said this is 5.4 per cent higher than the amount recorded in the
previous month.
The national average cost of a Healthy Diet (CoHD) was N1,035 per adult per
day in April, the National Bureau of Statistics (NBS) has said.
The statistics office, in its report titled "Cost of a Healthy Diet April
2024", published on its website on Tuesday, said this is 5.4 per cent higher
than the amount recorded in the previous month (March 2024, was N982).
The bureau said in April 2024, the average CoHD was highest in the
South-west at N1,406 per adult per day, compared to N781 per adult per day
in the North-west.
The NBS said the CoHD is the least expensive combination of locally
available items that meet globally consistent food-based dietary guidelines.
It explained that it is used as a measure of physical and economic access to
healthy diets.
This, it said, is a lower bound (or floor) of the cost per adult per day,
excluding the cost of transportation and meal preparation.
"The National Average Cost of a Healthy Diet was N1,035 per adult per day in
April 2024. At the State level, Ekiti, Ogun and Osun States recorded the
highest costs with N1,483, N1,447, and N1,417, respectively. Kogi and
Katsina accounted for the lowest costs with N709, followed by Kaduna and
Nasarawa with N756 and N769, respectively.
"Lastly, at the Zonal level, the average CoHD was highest in the South West
Zone at N1,406 per day, followed by the South East Zone with N1,190 per day.
The lowest average Cost of a Healthy diet was recorded in the North West
Zone with N781 per day," the NBS said.
Cost share by food group
According to the bureau, animal-source foods were the most expensive food
group recommendation to meet in April, accounting for 36 per cent of the
total CoHD to provide 13 per cent of the total calories.
It said fruits and vegetables were the most expensive food groups in terms
of price per calorie; they accounted for 11 per cent and 16 per cent,
respectively, of total CoHD while providing only 7 per cent and 5 per cent
of total calories in the Healthy Diet Basket.
It added that legumes, nuts and seeds were the least-expensive food group on
average, at 6 per cent of the total cost.
In recent years, food prices have been on the rise across Nigeria. The
situation deteriorated due to the impact of government policies such as the
removal of subsidies on petrol, among others.
The upward trend in the prices of these staples and other products has
weakened the purchasing power of many citizens, making it difficult for many
households in the country to afford daily meals.
Nigeria's annual inflation rate rose to 33.69 per cent in April from 33.20
per cent in March, the NBS said in its latest inflation report.
According to the report, the food inflation rate in April 2024 quickened to
40.53 per cent on a year-on-year basis, 15.92 per cent points higher
compared to the rate recorded in April 2023 (24.61 per cent).
On Tuesday, the statistics office said the CoHD has risen faster than
general inflation and food inflation.
However, it noted the CoHD and the Food Consumer Price Index (CPI) are not
directly comparable; the CoHD includes fewer items and is measured in Naira
per day, while the food CPI is a weighted index.
- Premium Times.
Ghana: Cedi Remains Under Pressure Despite BoG Measures and 'Threats', As
Dollar Nears Gh¢16
The Cedi continues to face stiff competition from the Dollar despite BoG
measures.
The cedi continues to depreciate despite recent measures and warnings from
the Bank of Ghana (BoG).
At a press conference on Monday, May 27, Central Bank Governor Dr. Ernest
Addison outlined various strategies aimed at stabilising the currency.
However, the cedi has yet to respond positively.
On the day of the press conference, the dollar opened trading on the
interbank market at GH¢14.75 to GH¢14.85. By Wednesday, May 29, the dollar
had risen from GH¢14.84 to GH¢14.98.
While the Ghana Association of Forex Bureaux has kept its base rates at
GH¢14.80 for buying and GH¢15.20 for selling, the dollar is selling for
nearly GH¢15.90 at some Forex bureaux.
Governor Addison pointed to the Forex Bureaux as a significant factor in the
cedi's rapid depreciation, stating, "The exchange rate has recently come
under some pressure, especially in the Forex Bureaux market."
To address the issue, the BoG announced a series of measures on Monday.
These include intensifying efforts to curb illegal activities in the forex
market, enforcing regulatory compliance among banks and forex bureaux, as
well as cracking down on black market operators.
The Central Bank also warned Forex Bureaux against advertising rates outside
their premises and on social media. Additionally, a task force has been
established to monitor compliance among Forex Bureaux.
Dr. Addison assured that the Central Bank has sufficient reserves to meet
demand, having added over US$600 million to reserves in the first five
months of the year. He also mentioned that the BoG had taken steps to
address the foreign exchange needs of some corporate institutions, reducing
"the pipeline demand" from commercial banks.
Furthermore, the Central Bank is working with the Ghana Association of Banks
to streamline documentation requirements for foreign payments, aiming to
minimize the incentives to use informal markets.
Despite these assurances, market analysts The Accra Times spoke with on
Wednesday, May 29, indicated that insufficient supply of the dollar is
pushing its price up.
"USD liquidity continues to worsen as even before the market opened, we're
seeing various bank dealers bid firmly for the greenback. Bids for the
greenbacks have marginally priced up from yesterday's trading," one analyst
noted.
There are also concerns that traders are becoming more cautious due to fears
of stringent enforcement actions by the Central Bank against non-compliant
forex market operators.
As of May 22, the cedi had depreciated by 14.6% according to BoG, but on the
retail market, it has depreciated by over 19%.
Dr. Addison attributed the recent exchange rate pressures to several
factors, including "a weakening of the current account surplus due to higher
import demand and lower export revenue, particularly a sharp decline in
cocoa export earnings."
He also noted that robust public spending on Independent Power Producer
(IPP) arrears and capital expenditure has contributed to the pressure on the
dollar.
Other factors include uncertainty surrounding debt restructuring
negotiations with external creditors and increased demand from importers
turning to informal markets, exacerbating speculative demand for foreign
exchange.
- Accra Times.
Rwanda: There Is Room for All to Benefit in Re-Designing Global Financial
Architecture - Kagame
President Paul Kagame has said that the world should come to a point of
action to redesign the global financial institutions' architecture given
that there is room for everyone to benefit.
He was speaking, on May 29, during a Presidential Dialogue on "Africa's
Transformation, the African Development Bank Group, and the Reform of the
Global Financial Architecture," at the five-day AfDB Annual Meeting, in
Nairobi, Kenya.
The President joined other African leaders to attend the 59th Annual
Assembly of the African Development Bank and the 50th meeting of the African
Development Fund in Nairobi. The conference brought together key officials
of bilateral and multilateral development agencies, leading academics and
representatives of non-governmental organizations, civil society, and the
private sector.
Addressing the key topic of the conference - reforming the global financial
architecture, Kagame said that it is a no-brainer that things that were
designed 50 years ago cannot work now.
"Things have changed and a re-think of a new design that fits the purpose
must be into play. There is no question about it," he said, adding that the
task at hand is finding the pathway to implementation.
The Head of State said that Africa should push for its voice to be heard and
visible in a world that has enormous resources but are inequitably
distributed.
ALSO READ: Africa demands 'fair international finance architecture'
"Africa's interests must be taken care of, beginning with ourselves...it has
to be with one voice but also loud, clear, and effective. For that to
happen, we think about working together and representation," he said, adding
that it is about self-representation with loud voices rather than just
numbers.
"The reform we are talking about is how to disrupt the current architecture
so that it includes significantly and visibly the interests of our
continent."
Kagame questioned how anyone interested in the well-being of people in this
world could sideline Africa with facts indicating that it will be the only
place that will have a growing middle-income class in a few decades.
"It is even in the interest of the rest of the world that has marginalized
Africa to contribute to the wellbeing of our continent because its growth
based on the middle-class feeds into the growth of the rest of the world."
While Africa's growth means the world's growth, he noted that it cannot wait
to be handed over the opportunity by anybody else.
"We, therefore, must be on the frontline fighting for this right for
ourselves."
President William Ruto of Kenya commended African leaders who raised their
voices to point out that there was something fundamentally wrong with global
financial architecture which had been overlooked for a long time.
"The issue of reform is settled, it must be done," he said, noting that the
type of financial architecture that Africa needs is one that provides
long-term financing and grace period (tentatively 40 years and 10 years
respectively), low interest rates, and an agile and flexible financing at
scale and is climate-sensitive for it to respond to shocks of the new normal
climate change.
"Our priority is to make sure we move this continent from tremendous
potential to opportunity and investment," Ruto added.
Amb. Moussa Faki Mahamat, the Chairperson of the AU Commission, noted that
the continent needs internal reforms for an integrated prosperous Africa
that would be a basis for discussing matters on the international arena.
"Africa needs to be looked upon in a different light. We need to improve our
political, economic, institutional, and financial governance but we need the
international community to revisit rules that were set up 80 years ago that
are no longer relevant."
We have our priorities which are well defined in the framework of our
development Agenda 2063. We are not asking for charity from the
international community, we are simply asking to be treated on an same
footing as others. #AfDBAM2024 pic.twitter.com/Hwfw7N8ORr-- Moussa Faki
Mahamat (@AUC_MoussaFaki) May 29, 2024
AFDB President Akinwumi Adesina on May 27 announced that the bank and other
multilaterals gained access to $20 billion in Special Drawing Rights of the
International Monetary Fund.
- New Times.
Rwanda: Why Rwanda's Central Bank Lowered Benchmark Rate?
The National Bank of Rwanda (BNR) lowered its key interest rate by 50 basis
points to 7 per cent from 7.5 per cent, noting that inflation was projected
to remain within its target band at around 5 per cent this year and in 2025.
The development came after two monetary policy meetings at which the Central
Bank Rate remained unchanged.
ALSO READ: Rwanda central bank lowers policy rate to 7%
Until August 2023, the Central Bank had increased the policy rate by 300
basis points in a long tightening cycle that was aimed at containing high
inflationary pressures.
Since then, annual inflation peaked at 21.7 per cent in November 2022. It
fell to 4.5 per cent in April this year, well within policymakers' 2-8 per
cent target range.
Inflation to stabilize
According to John Rwangombwa, the Central Bank Governor, inflation is
projected to evolve around 5 per cent in the next two years.
In the first quarter of 2024, headline inflation decelerated to 4.7 per cent
from 8.9 per cent in the previous quarter, thanks in large part to declines
in core and fresh foods inflation that offset an increase in energy
inflation.
The decrease in core inflation was mainly driven by the deceleration of core
food inflation, resulting from the downward trend in international prices of
key processed food items such as rice, sugar, and corn flour.
While the decline in fresh food inflation was attributed to an improved
supply of some fresh vegetables, due to the good performance of the
agriculture sector in Season A of this year.
During the same period, BNR said, energy inflation rose due to higher solid
fuel prices caused by unfavorable weather conditions for charcoal production
and related supply chains.
"The expected stable inflation path will be supported by easing food
inflation in 2024, reflecting the expected decrease in international food
prices as well as the normalisation of domestic agricultural production,"
the governor said.
However, he added, these projections could be affected by risks, such as
heightened global geopolitical tensions such as the war between Israel and
Palestine and adverse weather conditions due to climate change.
Economy resilient
In the last quarter of 2023, the economy grew by 10 per cent bringing the
overall growth for the year 2023 to 8.2 per cent.
In 2023, the main drivers of growth were tourism, trade, telecommunication,
manufacturing, and construction.
"This high growth momentum is expected to continue as demonstrated by the
performance of high-frequency indicators, including the Composite Index of
Economic Activities (CIEA), which grew by 8.6 per cent in the first quarter
of 2024," Rwangombwa noted.
Indicators point towards broad-based economic growth at the beginning of
this year, featuring not only continuous high performance in the services
and industrial sectors but also a strong agricultural revival with a good
Season A following last year's low performance due to unfavorable weather
conditions.
Widening trade deficit
Figures from the Central Bank indicate that Rwanda's merchandise exports
experienced moderate growth of 0.2 per cent due to the weak performance of
traditional exports, especially coffee, amidst slowing global commodity
prices and decreasing revenues from manufacturing exports, despite strong
re-exports.
Merchandise imports increased by 5.9 per cent largely driven by high demand
for capital goods especially in public transport, and consumer goods, albeit
declining import bills for energy and intermediate goods.
The trade deficit widened by 9.6 per cent in the first quarter of 2024.
The widening of the current account deficit, driven by higher demand for
imports to support domestic economic activities and lower receipts from
traditional exports, continues to exert pressure on the Rwandan franc,
despite being lesser than last year.
"By the end of March 2024, the Rwandan franc had depreciated by 2.08 per
cent against the US dollar, lower than the 3.07 percent depreciation
recorded in the same period last year," the governor said in a presentation.
Given the anticipated private and government inflows this year, the governor
added that the gross official reserves are expected to remain adequate,
above 4.0 months of imports.
Market developments
Central Bank figures indicate that the interbank rate increased to an
average of 8.29 per cent in the first quarter of 2024, up 93 basis points
from 7.36 per cent in the first quarter of 2023, due to tighter monetary
policy.
Interest rates on government securities, deposits, and lending also
increased.
In particular, the average lending rate rose by 38 basis points, from 15.97
per cent in the first quarter of 2023 to 16.35 per cent in the first quarter
of 2024. The increase was particularly noted for short-term loans.
Financial sector "sound and stable"
According to the Central Bank, the financial sector is expected to remain
sound and stable over the medium term despite global and domestic
macroeconomic uncertainties.
This resilience is backed by good governance, ample capital and liquidity
reserves, and strengthened risk management practices.
"The National Bank of Rwanda will continue monitoring potential risks
through stress tests and other supervisory measures to ensure financial
institutions can absorb plausible shocks," Rwangombwa said.
- New Times.
South Africa: Thrice-Thwarted BHP Throws in the Towel On Anglo Bid, Capping
a Month of High Drama
Thwarted thrice by Anglo American in what ended up as a $49bn all-share bid
for the rival mining group, BHP said on Wednesday it would not make a
revised firm offer after the target declined to extend the 'put up or shut
up' deadline. BHP had added some dessert items to its offering without
changing the price and structure on the menu.
The dust has settled on the autumn veld, and Anglo American remains standing
over it -- for now.
Capping a month of high drama in the global and South African mining
industry, BHP said on Wednesday -- as South Africans were still going to the
polls -- that it would not make a fourth offer for Anglo after the target
declined to extend the deadline for such a proposal.
"BHP will not be making a firm offer for Anglo American," BHP CEO Mike Henry
was quoted as saying in a statement issued shortly before the deadline at
5pm London time on Wednesday.
This ended a saga that could have seen BHP, the world's largest miner,
acquire Anglo, which has had an outsized role in South African history for
the past century plus some change.
BHP had raised its initial offer by increments, only to be rebuffed by the
Anglo board each time, partly on the grounds that the structure of the
proposed deal was complicated -- music to the ears of lawyers and
consultants, but perhaps not a chord that would appeal to all shareholders.
The BHP proposal included as a pre-condition that Anglo hive off most of its
South...
-Daily Maverick.
One of world's biggest botnets taken down, US says
Law enforcement agencies from around the world have shut down a global
malware network which stole $5.9bn (£4.65bn) and is linked to other crimes,
the US Department of Justice (DOJ) has said.
The DOJ partnered with the FBI and other international agencies to take down
what was "likely the world’s largest botnet ever”.
Chinese national YunHe Wang, who is also a St Kitts and Nevis citizen, has
been charged with creating and operating the network.
A botnet is a network of computers which have been infected with malware and
are being controlled by a malicious actor.
Mr Wang is charged with conspiracy to commit computer fraud, substantive
computer fraud, conspiracy to commit wire fraud and conspiracy to commit
money laundering.
If convicted on all counts, he faces a maximum penalty of 65 years in
prison.
According to the indictment, between 2014 to 2022, Mr Wang and others
created and operated the botnet, called 911 S5, from about 150 servers
around the world.
The botnet hacked into more than 19 million Internet Protocol (IP) addresses
in almost 200 countries, the DOJ said.
An IP address is a unique code that identifies a device on the internet or
network.
The botnet was used to carry out cyber attacks, large-scale fraud, child
exploitation, harassment, bomb threats and export violations, the DOJ said.
The US estimated that more than half a million fraudulent unemployment
insurance claims had originated from compromised IP addresses, resulting in
a loss of more than $5.9bn.
The network also enabled cybercriminals to buy goods with stolen credit
cards or launder money, the DOJ said.
Mr Wang allegedly sold access to the IP addresses and received approximately
$99m, the DOJ said.
He allegedly bought property in the US, St Kitts and Nevis, China,
Singapore, Thailand and the United Arab Emirates.
Assets worth a total of around $60m have been seized or identified for
seizure, including a Ferrari, a Rolls-Royce and several watches, the DOJ
said.
Law enforcement agencies in Singapore and Thailand, as well technology giant
Microsoft, were among the organisations that helped with the
investigation.-BBC
Abercrombie surges as 1990s revival spreads
It is not just styles from the 1990s that are making a comeback. One of the
decade's biggest brands is too.
Abercrombie & Fitch appears on track for a second year of double digit sales
growth - its first such streak in more than a decade.
The company, which also owns Hollister, has told investors it expects sales
this year to rise 10% from 2023.
That is nearly double its prior forecast, and comes after a 16% surge last
year.
Known in the 90s for appealing to teens, and infamous for its shirtless
models, the company is now going after grown-ups with wedding-wear, work
appropriate offerings and wide leg, baggy jeans.
It has also taken a more inclusive approach, introducing a wider range of
sizes, among other steps - a not insignificant shift for a company whose
former chief executive, Mike Jeffries, once famously declared "a lot of
people don’t belong” in the firm’s clothing.
'Back from the dead'
Abercrombie in 2004 agreed to pay $50m (£39m) to settle claims that its
hiring practices had discriminated against minorities and women.
Mr Jefferies also faced claims he had sexually exploited and abused men at
events he hosted around the world and that he ran a sex trafficking ring,
which he has denied.
Abercrombie, which Mr Jeffries left as boss in 2014, has since succeeded in
reinventing itself, and appears to carry very little baggage from that time,
said Neil Saunders, managing director at GlobalData.
The turnaround sent shares in the firm, which has more than 750 stores
globally, surging from around $25 (£19) a piece at the start of 2023 to more
than $189 (£147) on Thursday.
"I don't think I've ever seen a brand come back from the dead this fast,"
Jonah Lupton, chief executive at Lupton Capital wrote on social media,
remarking on the rise.
Getty Images Abercrombie & Fitch (A&F) models beckon the public to take
pictures with them outside the A&F store in Knightsbridge, a Singapore
shopping mall on December 9, 2011.
The firm has moved away from the sexualised marketing it once used
While the spaghetti straps, bucket hats and platform shoes popular in the
90s are enjoying a fashion revival, Abercrombie's offerings are not a repeat
of the decade.
Rather, Mr Saunders said the company's range, less sexy and with fewer logos
than in the 90s, is resonating with millennial customers who want to look
fresh without following the latest "cutting edge" fashions.
He said the success of Abercrombie's turnaround is unusual in retail.
"It's quite rare for a company of Abercrombie & Fitch's direction and its
rooted image from the 90s to do a complete 180 and emerge as a very modern
and successful and different brand," he said. "We don't see it happen very
often."
The firm said sales jumped 22% year-on-year in the February-April period to
$1bn (£787m), a quarterly record.
The growth was widespread, with revenue up 23% in the Americas and 19% in
Europe, where the UK and Germany led gains.
Current Abercrombie boss Fran Horowitz, who became chief executive in 2017,
said 2023 had been a defining one for the company, as its efforts to
modernise its data and digital capabilities paid off.
"We entered 2024 with momentum," she told analysts on a call to discuss the
quarterly financial results.
"Our first quarter results are further evidence that we are off to a strong
start."
Shares jumped more than 20% after the report, despite a note of caution from
chief financial officer Scott Lipesky, who warned there was “still a lot of
uncertainty” about the economy.
He said that the firm's sales could slow in the second half of the year.
Mr Saunders said some slower growth was expected after the boom of 2023, but
that the firm was still outpacing the overall market and had an opportunity
to grow overseas in countries such as the UK.
Ms Horowitz focused on that prospect during the quarterly update, noting a
recent visit to London.
"We’re really excited about the opportunity that we see there," she
said.-BBC
Samsung Electronics union calls first-ever strike
A union representing thousands of workers at Samsung Electronics has called
the first strike at the South Korean technology giant since it was founded
five and a half decades ago.
The National Samsung Electronics Union says it will hold a one-day protest
by asking all of its members to use their paid leave on 7 June and has not
ruled out a full-scale strike in the future.
The union says its has about 28,000 members, accounting for more than a
fifth of the company's total workforce.
Samsung Electronics says it will continue to negotiate with the union.
“We can’t stand persecution against labour unions anymore. We are declaring
a strike in the face of the company’s neglect of labourers,” a union
representative said during a live-streamed news conference.
Samsung Electronics' management has been in talks with the union since the
start of this year over wages, but the two sides have so far failed to
strike a deal.
The union has demanded a 6.5% pay rise and a bonus pegged to the company's
earnings.
Samsung Electronics is the world's largest maker of memory chips,
smartphones and televisions.
Analysts have warned that a full-scale strike could affect the firm's
computer chip manufacturing and impact the global supply chains of
electronics.
Samsung Electronics is the flagship unit of South Korean conglomerate
Samsung Group. It is the biggest of the country's family-controlled
businesses that dominate Asia’s fourth-largest economy.
Samsung Group was known for not allowing unions to represent its workers
until 2020 when the company came under intense public scrutiny after its
chairman was prosecuted for market manipulation and bribery.
Samsung Electronics' shares were trading about 2% lower in Seoul after the
announcement.-BBC
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